Anthropic, the developer of the Claude large language models, is edging toward what could become one of the largest public listings in history, Salkunrakentaja reported today.
Signals from private markets point to a rapidly rising valuation. Caplight suggests a level approaching 700 billion dollars, while Jupiter implies more than 850 billion. Reports indicate that Anthropic is targeting a Nasdaq listing in October 2026. The offering could exceed 60 billion dollars, making it the second-largest IPO in history after SpaceX.
Founded in 2021, the company has captured investor attention with a surge in revenue. Annualized revenue surpassed 30 billion dollars in early April, up from just one billion at the start of 2025. Growth at this scale is rare, even in technology, and is driven largely by enterprise demand. About 80 percent of revenue comes from corporate clients, in contrast to OpenAI’s stronger reliance on consumer usage.
Anthropic’s emphasis on safety, once seen as a limitation, is now proving to be a commercial advantage. Regulated industries such as finance and healthcare have gravitated toward its models, drawn by safeguards that competitors have scaled back.
Risks remain. Costs are rising quickly, and tensions with US defense authorities could restrict access to government contracts. At the same time, the IPO window may grow crowded as other AI leaders prepare to list.
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